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Can CAKE gather enough demand to rise above its near-term resistance

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Can CAKE gather enough demand to rise above its near-term resistance
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PancakeSwap [CAKE] made it into the headlines again as it was among the top cryptos on the BNB chain in terms of social mentions on Twitter. 

Here’s AMBCrypto’s Price Prediction for PancakeSwap (CAKE) for 2023-24

Not only this, but several developments happened in the PancakeSwap ecosystem that added much value to the network, including the farm auction. 23 projects joined the bidding for Farms this week.

However, CAKE’s price action did not correspond to the developments, as it merely registered over 1.5% growth in the last week. At press time, CAKE was trading at $4.42.

Moreover, investors might be concerned now as a look at CAKE’s on-chain metrics suggests that its price could go down in the coming days. 

Investors should be cautious

CAKE’s development activity went down sharply over the last week, which is a matter of concern as it represents less effort by developers in improving the network. CAKE’s volume also decreased on 19 October, yet another negative signal for the blockchain.

Source: Santiment

Curiously, CAKE failed to gain much attention or interest from the derivatives market as its FTX funding rate went down.

However, a few of the metrics were also in support of the token. For instance, CAKE’s social mentions spiked last week, indicating increased popularity of the token in the crypto community.

Moreover, CAKE’s NFT space displayed promising performance as its total NFT trade count increased over the last few days. 

Source: Santiment

Market Indicators preferred CAKE

Interestingly, CAKE‘s daily chart gave some hope to the investors as several of the market indicators suggested that the token’s price might go up in the coming days.

The Exponential Moving Average (EMA) Ribbon indicated the bulls’ advantage in the market. Moreover, CAKE’s Chaikin Money Flow (CMF) registered an uptick, further increasing the chances of a price surge in the coming days. 

Nonetheless, the Relative Strength Index (RSI) was resting below the neutral position, which is a bearish signal. The MACD also registered a bearish crossover last week, minimizing CAKE’s chances of going up.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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